Ormat Technologies, Inc. (ORA) to Issue Quarterly Dividend of $0.12 on March 26th

Ormat Technologies, Inc. (NYSE:ORA) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Wednesday, March 12th will be given a dividend of 0.12 per share by the energy company on Wednesday, March 26th. This represents a $0.48 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Wednesday, March 12th.

Ormat Technologies has a dividend payout ratio of 19.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ormat Technologies to earn $2.18 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 22.0%.

Ormat Technologies Stock Up 1.5 %

Shares of Ormat Technologies stock opened at $69.28 on Friday. Ormat Technologies has a 52-week low of $59.41 and a 52-week high of $84.30. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.87 and a current ratio of 0.95. The business’s 50 day simple moving average is $66.44 and its 200 day simple moving average is $73.21. The firm has a market cap of $4.19 billion, a PE ratio of 35.35, a P/E/G ratio of 3.18 and a beta of 0.57.

Insiders Place Their Bets

In other Ormat Technologies news, major shareholder Corp Orix sold 3,700,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $75.38, for a total transaction of $278,906,000.00. Following the completion of the transaction, the insider now directly owns 2,976,077 shares in the company, valued at $224,336,684.26. The trade was a 55.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David Granot sold 1,256 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $82.00, for a total transaction of $102,992.00. Following the completion of the transaction, the director now directly owns 3,576 shares of the company’s stock, valued at $293,232. This trade represents a 25.99 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on ORA shares. Oppenheimer increased their target price on shares of Ormat Technologies from $86.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Jefferies Financial Group upgraded shares of Ormat Technologies from a “hold” rating to a “buy” rating and increased their price objective for the stock from $73.00 to $78.00 in a research note on Thursday, February 20th. Roth Mkm reaffirmed a “buy” rating and issued a $92.00 target price (up previously from $87.00) on shares of Ormat Technologies in a research report on Friday, November 8th. Finally, Piper Sandler started coverage on Ormat Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $78.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.88.

Ormat Technologies Company Profile

Ormat Technologies, Inc engages in the geothermal and recovered energy power business in the United States, Indonesia, Kenya, Turkey, Chile, Guatemala, Guadeloupe, New Zealand, Honduras, and internationally. It operates in three segments: Electricity, Product, and Energy Storage. The Electricity segment develops, builds, owns, and operates geothermal, solar photovoltaic, and recovered energy-based power plants; and sells electricity.